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As any restaurant operator or manager knows, running the day-to-day comes with a million demands on your time. In an industry with particularly tight margins and volatility, each inefficiency and every wasted second means less profitability. This is especially true for reviewing invoices. Any mistake in pricing or incorrect delivery directly impacts your bottom line. But it takes a lot of time to review every single invoice against every delivery against every original order. And, of course, time is money. So what can you do?
Managing Invoices by Exception
Luckily, technology allows you to manage invoices by exception. This means that you only have to review the invoices that do not match the purchase order or goods received note. Automatic 3-way invoice matching saves the day. It compares the original order to the delivery note to the invoice. If everything matches, then the invoice is automatically marked for processing. Any discrepancies (such as errors or stray charges in the invoice, incorrect quantities or items in the delivery, or missing items) are highlighted for review.
Equipped with the relevant information, your team can then focus on reviewing these issues in the moment, while there is still time to make it right. Errors are caught instantly. Since managers only have to review the ones that don’t add up, they don’t lose time sifting through piles of otherwise accurate information.
Managing invoices by exception saves countless hours of tedious busywork. It also ensures errors aren’t missed. This saves the additional work of resolving them with the vendor weeks later. It is one of many strategies that can help your restaurant operate more profitability. And, it lifts the burden from your staff.
To learn more about managing by exception and how to make your back-office operations more efficient, get in touch with us here. For more hints and tips on improving efficiency, download our complimentary Increasing Restaurant Profitability Guide.
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